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Fact Check

BDCs: COMPLETELY FALSE! #Dollar not selling for N1,000 to $1

Instablog and Nigeria Stories, popular handles on X on Wednesday claimed that the dollar has crashed—being exchanged at N1,000 to $1 in Abuja, the Federal Capital Territory (FCT) by the Bureau De Change operators.

Dollar to Naira FX
Dollar to Naira FX

The Claim

Instablog and Nigeria Stories, popular handles on X on Wednesday claimed that the dollar has crashed—being exchanged at N1,000 to $1 in Abuja, the Federal Capital Territory (FCT) by the Bureau De Change operators.

Many other users have also posted or shared the claim. This prompted DailyAgent Check to verify the claim. 

The Background

On Monday, the Central Bank of Nigeria offered to sell $10,000 to each BDC operator at N1,251/$. According to the apex bank, BDCs are expected not to sell above N1,269/$, representing a margin of N18.

The Verification

DailyAgent Check contacted a BDC operator, Ahmed, who operates around the Wuse area of the FCT, who said the claim was wrong. He added that the current rate was N1,300 to $1.

We also found a report by THE PUNCH which debunked the claim. The newspaper had “Abdusallam BDC” (Abubakar Abdusallam) on Tuesday in Abuja, who denied selling FX at the rate quoted on X.

“Dollar is selling at N1300/$1, not N1000 or N900,” he said.

The Verdict

The claim is COMPLETELY FALSE!

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